Today, the American Institute of CPAs (AICPA) sent a letter (downloads as a pdf) to the Senate Finance Committee reacting to a proposal which would provide the Department of the Treasury and the Internal Revenue Service (IRS) the authority to regulate “all aspects of Federal tax practice, including paid tax return preparers.” In the letter,…
Nearly 10 million Americans signed up for health insurance through the Marketplace exchanges in 2015, according to data released this month by the Centers for Medicare & Medicaid Services (CMS). As of the end of June 2015, approximately 9.9 million consumers had enrolled: 7.2 million through the federal Marketplaces and the so-called Healthcare.gov states and…
I am writing to provide an update regarding the Treasury Department’s ability to continue to finance the government, the extraordinary measures we have undertaken to avoid default, and our current levels of cash on hand. And so begins a letter from Jacob Lew, U.S. Secretary of the Treasury writing about the United States. Not Greece….
Last year, Internal Revenue Service (IRS) Commissioner John Koskinen announced the Annual Filing Season Program, a voluntary and temporary program intended to fill the holes left after the IRS lost the right to regulate tax preparers following Loving v. Commissioner. At the time, Commissioner Koskinen called the program “not the ideal solution” and was hopeful…
Raise taxes or else. Those were the marching orders issued to the Alabama House of Representatives from Gov. Robert Bentley (R) earlier this year. Specifically, the “or else” included a threat to cut a number of services to taxpayers including closing prisons. Kicking up the rhetoric, he warned taxpayers in April, “You might not care about…
It rained a lot on yesterday: big, dramatic stormy weather. The skies were gray and dreary and it was hard to see through the thick clouds. But today, it is beautiful. Cool and somewhat clear. Everything seems so completely and utterly normal. But I know what day it is. 9/11. I remember. We all remember….
Last year, the Senate waited until just over two weeks left in the calendar year to pass a bill that extended certain tax provisions through December 31, 2014 (retroactive to January 1, 2014). In contrast, this year it felt like Congress was getting a jump on things when they began contemplating a tax extender package…
Superstar-laden FC Barcelona might be among the top teams in the Spanish Liga BBVA this season but the team is making news – again – for a more undesirable reason: tax investigations. As Lionel Messi awaits trial on tax evasion charges, another Barcelona star may be joining him. Spanish news outlet El Pais has reported that teammate Javier Mascherano…
Owe $100 million or more to the Internal Revenue Service (IRS)? Better write that check now. The latest edition of the Internal Revenue Bulletin, Bulletin No. 2015–36, dated, September 7, 2015, has this to say about the Federal Revenue’s new check policy. The Federal Reserve will not accept checks that are larger than $99,999,999.00 and…
11 bedrooms. 14 full baths. 5 half baths. 13 fireplaces. 32,400 square feet. A home of that size, thought to be the largest in Pennsylvania, is sure to attract attention and that’s exactly what happened. According to local sources, federal agents flying in and out of Pittsburgh noticed the size and scope of a mansion…